Wea re working on our very first deal. This will hopefully be a short sale. Only problem is we have not filled out HUD paperwork before. Any help would be highly appreciated!!!
Thank You Very Much,
Kandis and Lance
Huh?
What do a short sale and “HUD paperwork” have to do with one another?
Please describe in a little better detail waht it is that you are attempting to do?
Is it a “HUD home” or are you trying to do a short sale? Or something else entirely…?
Keith
Maybe you’re talking about the HUD-1 which is the closing statement???
I apologize. I did mean a HUD 1 statement.
You really need to have a title company/closing attourney handle this. I’m not sure what’s common in your area, but look for a First American Title Company nearby(they are a Fortune 300 company). This is such an important document. Their HUD1 will look so much more professional than yours, and it will be more accurate. To me, having a good relationship with a local title company is huge. Our packages always include a professionally prepared HUD statement.
I just filled out my first hud-1 this weekend. The bank I an working with wanted an estimated hud-1. Luckily I had two examples of the doc and on hudclips.gov/com/org they have instructions for filing out this doc. Also I am paying for this property with cash so more that half of the doc did not apply. Also this was an “estimated” settlement statement so all info will not be 100% correct. Another reason I did not stress out about it is I am sure the bank will make a counter offer so all of the numbers will change anyway.
In another post someone mentioned that you could ask a title company for a little help. YMMV.
Good post. Sounds like your on track. I still prefer accurate figures from the title company. You can also use it as a great example for the next deal. But most don’t know how to calculate taxes and other closing fees properly.
Some lenders will basically call this a “net sheet”. I still always submit a profssional HUD1.
Hello, Thank you for all your help!!!
Just rember in your intial hud the lenders are looking for their net line 504. You still need to know your other numbers thou. Good luck!!